Jasmine wishes to save money to provide for her retirement. Beginning one year from now, she will begin to deposit the same fixed amount each year for the next 30 years into a retirement savings account. Starting one year after making her final deposit, she will withdraw Tshs.100, 000 annually for each of the following 25 years (i.e. she will make 25 withdraws in all). Assume that the retirement fund earns 12% annually over both the period that she is depositing money and the period she makes withdraws. For Jasmine to have sufficient funds in her account to fund her retirement, how much should she deposit annually (Rounded to the nearest shilling)

1 answer

Jasmine should deposit Tshs.1, 020,000 annually.
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